Page 46 - Sectional Title Policy Wording

2. In the event of disappearance of any such person in circumstances which satisfy Hollard that he has sustained injury and that such injury has resulted in the death of such person, Hollard will, for the purpose of the insurance, presume his death;
PROVIDED THAT:
if, after Hollard shall have made payment hereunder in respect of such person's presumed death, he is found to be alive, such payment shall forthwith be refunded by You to Hollard.
SPECIFIC EXCEPTIONS (applicable to Sub-Section A)
Hollard will not be liable for loss of or damage to money:
1. arising from dishonesty of any member, partner, director or person or persons in Your employ not discovered within 14 working days of the occurrence thereof;
2. arising from shortage due to error or omission;
3. arising from the use of keys to any safe or strongroom unless the keys:
3.1 are obtained by violence or threats of violence to any person;
3.2 are used by the key-holder or some other person with the collusion of the key-holder and You can prove to the satisfaction of Hollard that the key-holder or such other person had used the keys to open the safe or strongroom;
4. in an unlocked safe or strongroom while the portion of the premises containing such safe or strongroom is unattended but this exception will not apply if it can be shown to the satisfaction of Hollard that the key-holder to the safe or strongroom deliberately left it unlocked with the intention of allowing the money to be stolen;
5. not contained in a locked safe or strongroom while the portion of the premises containing such money is unattended but this exception will not apply if it can be shown to the satisfaction of Hollard that the person(s) responsible for the money deliberately left it outside the safe or strongroom with the intention of allowing it to be stolen;
6. in any vehicle being used by You unless a member, partner, director or employee of Yours are actually in such vehicle or, if not in such vehicle, is within 5m (five metres) of it in a position from which the vehicle is clearly visible. This exception will not apply following an accident involving such vehicle rendering the said person incapacitated;
7. while in the custody of any member, partner, director;
8. caused by incorrect electronic fund transfers by or to the insured;
9. caused by cyber crime;
10. in the form of cryptocurrency (a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank).
Specific exceptions 3., 4., 5. and 6. do not apply up to an amount of R5 000 and such losses will not be reduced by any first amount payable.
MEMORANDA (applicable to Sub-Section A)
1. Loss of or damage to money as insured under this section arising from dishonesty of any principal, partner, director or person in Your employ (such person), as defined under this section, will be subject to a compulsory First amount payable of R5 000 (five thousand rand) or any other amount stated in the Schedule, whichever is the greater.
2. Hollard will not be liable under this section of the policy in respect of loss or damage arising from any event in respect of which a claim is payable, or would be payable but for any First amount payable or co-insured clause under the Commercial Crime section of the policy or any other fidelity insurance.
OPTIONAL CLAUSES AND EXTENSIONS (applicable to Sub-Section A) (if stated in the Schedule to be included)
Loss of locks, keys, central locking devices and remotes
In consideration of the payment of an additional premium General Provision 16 is hereby amended to read:
The Company will indemnify the Insured in respect of the cost of replacing locks, keys, central locking devices and remotes including the remote alarm controller and, if necessary, the reprogramming of any coded alarm system of any insured building, following upon the disappearance of any key or alarm controller of such building or following upon the
Money
Page | 44 Sectional Title Insurance Policy Wording – Version 4 2023